Budget Highlights

Budget Highlights
Finance Minister P. Chidambaram cut indirect taxes on cars and mobile phones in an effort to revive growth in an interim budget presented to parliament on Monday for the fiscal year 2014/15.
The government’s term ends in May and the measure was necessary to cover expenditure until a national election is completed and a new administration installed.
Chidambaram said India’s economy, the 11th largest in the world, had stabilised and was showing signs of turnaround. His speech was marred by protests over the proposed division of a southern state.

GROWTH

* GDP expansion in third and fourth quarters of 2013/14 estimated at 5.2 percent. Growth for the whole year expected at 4.9 percent.

FISCAL DEFICIT

* Fiscal deficit seen at 4.6 percent of GDP in 2013/14, below target of 4.8 percent.
* Fiscal deficit projected at 4.1 percent of GDP in 2014/15
* Says need to bring down the deficit to 3 percent of GDP by 2016/17

CURRENT ACCOUNT DEFICIT

* Current account deficit for 2013/14 estimated at $45 billion from last fiscal year’s $88 billion.
* Forex reserves to rise by $15 billion by end of 2013/14

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